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U.S. Debt Hits 101% of GDP

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    Former Gov. George Pataki, (R-NY), on the economic consequences of the government’s mounting debt.

  • Duration 5:56
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Right the national debt is growing while our GDP is slacking the fact we now -- more than we make it an entire year needs to be a wake up call.

Joining me now New York's former governor George the -- He's the chairman of the no American debt organization and counsel at chat board and park.

Governor welcome back to the show you're being nominated Jerry let's start with this idea of our dad being so high are we making too much of us.

No you.

We're making too little it's an absolute disgrace.

First of all.

There's never been a country in history.

And that's a long time where the GDP has gone over a 100%.

The economic.

Helped put that where we have the debt.

-- we haven't seen that country had diminished growth for decades to come.

And I fear we're seeing diminished growth in the United States right now and.

Exactly 2.2.

Percent GDP -- -- it's astonishing how what we're doing is a crime against their -- we are stealing their futures generational theft.

And and I for 1 am appalled -- While there have been serious efforts to try to change this Paul Ryan's budget.

Makes a stab at getting rid of some of this debt and yet he gets ridiculed there have been two serious efforts -- -- Paul Ryan -- the house.

Republicans are the only group that -- pass the budget.

The senate Democrats have not pass the budget over three years this is a national disgrace President Obama submitted a joke of a budget it was projected I think.

98 enough.

Not one Democrat voted for this president's budget because it was a political -- -- -- to propose solutions Paul Ryan who gets demonized by the president.

And then Bowles Simpson.

Where the president's own bipartisan panel put that I brilliant proposal to deal with the deficit and tax reform the president threw -- in garbage because it doesn't meet his.

Goal to re distribute wealth so it's it's appalling and it's got to stop.

Well I wouldn't speak about one of your other favorite topics in the world and that is Obama care.

We just had a report from congress today.

That shows that the companies that are on the president's jobs council believed that there costs due to Obama care for health -- gonna rise and rise dramatically what do you say.

Every study has shown a couple of things one.

Cost they're gonna rise dramatically second of all tens of millions of people are -- to have to change their health care coverage even if -- like it.

Third it's going to increase the deficit probably by over trillion dollars the best thing would be if the Supreme Court throws it out completely as unconstitutional but not.

We have to keep working to try to.

Governor listen I want to -- something the president said which -- seem to be at odds with what you just said.

Our approach would preserve the right of Americans.

Who have insurance to keep their doctor in their plan.

It would reduce costs and premiums for millions of families and businesses.

Our approach would bring down the deficit by as much as one trillion dollars over the next two decades.

Learn and what do you -- -- I say that every one of those points is not true.

And I'm not just saying it but the bipartisan.

That the CBO bipartisan.

Took a look and said that it's going to increase the deficit virtually every study has shown it's going to increase costs.

And Obama's own commission that looked at this.

There -- initial response was twelve million Americans are gonna have to change their health -- against their wishes because of Obama care so precious and really it really has approach.

-- how did tell you some numbers here that I think are illuminating from this report I just talked about so Southwest Airlines has a choice.

They can either see their health care costs go up to 414.

Million dollars a year.

Or they can drop their coverage and pay a 111 million dollars in penalties Wall Street demands profits what choice do you think they'll make.

-- it's not just southwest Airways are going to be thousands of companies across America to take a look make a rational decision.

Do we play four times as much to comply with -- obamacare as to allow them to be thrown into a different system that's what's gonna happen and it's just.

Totally misled the American people.

The Democrats who rammed it through and a partisan vote never even read it I believe it's unconstitutional.

And hopefully it's -- on this summer.

And yet and yet they're gonna be premium rebates people are gonna get on average about a 127 dollars -- this is an election.

And a and and you are seeing nothing but pandering this year they're going to have rebates under -- -- before the nightmare hits next year.

Our children.

Each of them -- -- over 60000.

Dollars to the federal government.

And yet the president's out campaigning at campuses and swing states say oh I'm gonna cut your interest rate.

We're using other people's money.

It is just been elected here at just the present governor it's also Republicans who say they're gonna spend that -- billion dollars to Arad a key role as well.

I don't think so take a look at what the house to stop.

The house actually passed a budget that dramatically reduces the deficit and -- embraces.

Tax reform so that it's up there -- better.

Pro growth pro jobs system.

But there's still passing these bills I think the -- it is -- ending at a march I think they should this -- -- to be perfectly honest because it's wrong.

Swimmer already clobbering the next generation with this massive debt what was said by the well we're -- -- our interest where does this money come from the money that day right now comes from China but ultimately comes in the pockets right taxpayers and you know what really frightens.

No one saw the financial crisis in 2008 coming it just damn overnight are great financial institutions were virtually bankrupt for everyone -- this coming.

And it's going to be a crisis that hurts our country.

Enormously we just don't know when now's the time to deal with that but this president.

Won't do anything.

That really requires leadership other -- political pandering until after November.

Get in front of the moving train don't get hit by the train get out of the way.

George Pataki thanks for coming in today -- great to have you as always.

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